Beyond Meat has reduced its annual revenue forecast and failed to meet second-quarter net sales estimates due to a decrease in demand for its more expensive plant-based meat products. As a result, the company's shares fell by 9% in after-hours trading on Monday.
Beyond Meat products are displayed on grocery store shelves inside Kroger Co.'s Ralphs supermarket amid fears of the global growth of coronavirus cases, in Los Angeles, California, U.S. March 15, 2020. REUTERS/Patrick T. Fallon/File Phototrimmed its annual revenue forecast and missed second-quarter net sales estimates, on slowing demand for its pricier plant-based meat products, sending the company's shares down 9% in extended trading on Monday.
The company forecast 2023 revenue between $360 million and $380 million, compared with its prior projection of $375 million to $415 million. Beyond Meat said due to greater-than-expected consumer and category headwinds, it was unlikely to meet its target of achieving cash flow positive operations within the second half of 2023.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Beyond Meat's stock plummets as revenue dropsBeyond Meat Inc. is facing a significant decline in revenue and has lowered its full-year 2023 net revenue forecast. The company's stock initially dropped 9% in extended trading after the release of quarterly results.
Read more »
PolitiFact - Major U.S. fast-food chains are not selling lab-grown meatLab-grown meat, real meat cultivated from animal cells, is now sold in the U.S., only the second country to approve the product. But you won’t find it at major fast-food restaurants, despite a social media post that claims it's been sold there for years.
Read more »
Mayo Clinic Minute: A tick to blame for the alpha-gal, meat allergyThe Centers for Disease Control and Prevention (CDC) reports over 110,000 suspected cases of alpha-gal syndrome between 2010 and 2022. However, the actual number may be higher due to lack of testing and awareness among healthcare providers.
Read more »
Beyond Big Tech: Alternative ways to invest in A.I., according to two ETF expertsTwo ETF experts explore ways to invest in artificial intelligence while diversifying beyond popular Big Tech stocks.
Read more »
Gov. Greg Abbott in Denton Monday for 'Save Women's Sports Act' ceremonyGovernor Greg Abbott will be in Denton on Monday to hold a ceremonial signing of a bill that forces college athletes in the state to compete in sports based on their sex at birth.
Read more »
First Alert Weather: Bright & sunny Sunday before Red Alert for threat of severe storms on MondayWeather: Sunday will begin bright and sunny. By the evening, a few more clouds will come into play, as well as increasing humidity levels.
Read more »